Penna Cement Industries gets SEBI nod for Rs 1,550 crore IPO

Rajesh Kurup New Delhi | Updated on June 04, 2019 Published on June 04, 2019

Hyderabad-based Penna Cement Industries Ltd (PCIL), a privately-held cement company, has received SEBI approval for its Rs 1,550-crore Initial Public Offering (IPO).

The company intends to use the funds for payment of certain borrowings and general corporate purposes, according to its DRHP filing.

PCIL had filed draft paper with SEBI in November.

Read more: Penna Cement files Rs 1,550 crore IPO papers with SEBI

Penna Cement’s IPO will consist of a fresh issue of up to Rs 1,300 crore and an Offer for Sale of up to Rs 250 Crore by company’s promoter PR Cement Holdings Ltd.

Edelweiss Financial Services, IIFL Holdings, JM Financial and YES Securities (India) are the book running lead managers to the issue.

The company plans to utilise the IPO proceeds for repayment and pre-payment of certain loans and for general corporate purposes.

Following the IPO, the firm will list its shares on the BSE and the NSE.

Penna Cement has four integrated manufacturing facilities and two grinding units in Andhra Pradesh, Telangana and Maharashtra, with an aggregate cement production capacity of 10 million tonne per annum as of June 30, 2018.

Published on June 04, 2019

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